“…The ODE and SDE models assume that the system under consideration is governed by a principle of causality, i.e the future state of the system is independent of the past states and depends only on the present state. It is well-known that the principle of causality is usually only a first approximation to the real situation and, in many applications, a more realistic model has to include some of the past states of the system, which leads to time-delay models using delay (retarded or functional) differential equations in the classical setting (see, e.g., [3,4,6,9]) or its stochastic counterpart, stochastic delay (retarded or functional) differential equations (see, e.g., [20,22,9]). Incorporating time delay in the hybrid models gives rise to hybrid delay systems.…”